Earnings Per Share

9 Months Ended

Sep. 30, 2025

EARNINGS PER SHARE

Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method.

The following table presents a summary of per common share data and amounts for the periods indicated.


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except per share data)	2025		2024		2025		2024
Net income available to common stockholders	$	44,297	$	49,647	$	143,767	$	133,619

Weighted average common shares outstanding	37,015		37,337		36,983		37,437
Additional dilutive common stock equivalents	318		146		290		110
Weighted average common diluted shares outstanding	37,333		37,483		37,273		37,547

Basic earnings per common share:	$	1.20	$	1.33	$	3.89	$	3.57
Diluted earnings per common share:	1.19		1.32		3.86		3.56

For the three and nine months ended September 30, 2025, common stock equivalents of approximately 115,000 and 225,000, respectively, were excluded from the earnings per share calculations because their effect would have been anti-dilutive. Comparatively, there were 441,000 and 572,000 common stock equivalents excluded in the three and nine months ended September 30, 2024, respectively.